Asset accounting policy
Treasury issues the Non-Current Asset Policies for the Queensland Public Sector to direct State Government agencies in the accounting treatment of assets. The policy aims to:
Clarify the definition of, and accounting recognition concepts for, assets;
Provide guidance on determining the periodic cost of using assets (depreciation/amortisation);
Specify a basis for valuing non-current assets; and
Set out the approach to be adopted in regularly reviewing the carrying amount of assets and, where appropriate, writing down or revaluing assets.
Last reviewed 27 May 2011